Economy

Mark Zuckerberg Says Facebook to Look Into Cryptocurrency

Mark Zuckerberg Says Facebook to Look Into Cryptocurrency

Aptly in a Facebook post, Zuckerberg outlined what he called personal challenges for the year ahead, noting that one is to study the "positive and negative aspects" of cryptocurrency and encryption. If Zuckerberg truly intends to spend a year trying to figure out how the blockchain can solve intractable geopolitical problems, he would be better off just doing Whole30.

"There are important counter-trends to this - encryption and cryptocurrency - that take power from centralised systems and put it back into people's hands", Zuckerberg wrote.

In a Facebook post Thursday that highlights his company's mounting difficulties, Mr. Zuckerberg, however, has warned people about the huge risks associated with the technology.

Congress came down hard on Facebook, Twitter and Google a year ago over their role in the 2016 election. But it shows that one of the world's most powerful companies is looking closely at the technology.

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He vowed to take a comprehensive look at Facebook's role in society, recruiting experts and using his personal time to closely study issues that he said "touch on questions of history, civics, political philosophy, media, government, and of course technology".

Zuckerberg's new year's resolution - a tradition for the executive who in previous years has pledged to learn Mandarin, run 365 miles, and read a book each week - is a remarkable acknowledgment of the awful year Facebook has had. It was a serious year, and I wore a tie every day as a reminder. At the time, the USA economy was in the midst of recession and Facebook, then five years old, wasn't profitable. We needed to get serious about making sure Facebook had a sustainable business model.

"This may not seem like a personal challenge on its face", Zuckerberg continued. He added that today, many have lost faith that "technology would be a decentralizing force". (The first four words of Facebook's mission have always been "give people the power".) Back in the 1990s and 2000s, most people believed technology would be a decentralizing force. Not only does the company help shape the news for more than two billion people worldwide, but it controls a massive share of the global digital advertising market, which is making it hard for smaller companies, including media companies, to survive. "I'm convinced that what the company is working on has the potential to materially change the lives of people around the world, and I'm looking forward to working with Coinbase and its leadership team to help make this vision a reality".


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